Casco Products Plans to Discontinue Manufacturing at Bridgeport Plant; Headquarters and Related Staff Services to Remain in Bridgeport Area

    BRIDGEPORT, Conn.--Feb. 21, 2003--Casco Products, a unit of Sequa Corporation (NYSE; SQAA), plans to discontinue manufacturing operations at its facility at 380 Horace Street in Bridgeport, but will maintain its headquarters and administrative offices there.
    Casco plans to begin the transition of production to other facilities as soon as practicable. Of the 206 employees at the Horace Street plant, approximately 160 are engaged in manufacturing activities. The company expects that approximately 140 hourly employees will be released between April 22 and May 5 and the balance of about 20 salaried employees as the planned manufacturing transition progresses. Employees engaged in design engineering, customer service and human resources, among others, will remain in the Bridgeport area. To assist employees dislocated by the plan, Casco expects to work closely with the Connecticut Department of Labor and with local agencies.
    In announcing the company's plan, Casco president, Ali El-Haj, said, "Casco Products has been in Bridgeport for many years, and the plan announced to our employees today was developed after long and difficult evaluation. In the end, the plan was made necessary by the absolute requirement to control costs and use our assets in the most efficient way. In light of the current and projected economic environment, consolidating our manufacturing to optimize asset use will ensure the future of our organization and provide our customers with continuity of service."

    Casco Products, a leading producer of automotive cigarette lighters and power outlets, was founded in 1921 and has operated in Bridgeport continuously since that time. In addition to its domestic locations, the company has facilities in Brazil, Tunisia, Italy and Germany.
    Casco Products is a unit of Sequa Corporation, a diversified manufacturer whose other principal interests are in the fields of aerospace, propulsion, specialty chemicals, automotive airbag inflators, can machinery, industrial equipment and men's formalwear.